Think it's tough to declare this 2 months in, again PPI doesn't include imports so can't really be referenced for making a point about tariffs -- core goods (including imports) is up from the time tariffs started. Agree that inflation is likely higher by EOY & it's above my paygrade to distinguish between what's caused by tariffs and what's caused by keeping fiscal hot with credit spreads low & equities at ATH, but now that it's clear tariffs aren't going away, I think it's a higher likelihood that we see price impacts in the interim.